Home Equity & Consumer Lending Underwriter

Salary Range: $31.00 to $34.00 per hour

Company Overview:

Established in 1895, Bay State Bank is an approximately $500MM, Massachusetts-based mutual Bank. As a Bank owned by a mutual holding company, the Bank is effectively governed by its depositors, and its mutual ownership structure allows it to focus on long-term and community impact rather than short-term profits. BSB has seven branch locations in central Massachusetts. BSB is the only remaining Bank originally headquartered in Worcester, Massachusetts, the second largest city in New England. BSB is a value-driven organization committed to international actions and investments that position the Bank as the community’s preferred choice for Banking.

Position Description:

Under the general supervision of the Vice President – Retail Lending, the Home Equity & Consumer Lending Underwriter is responsible for evaluating, underwriting, and recommending decisioning of consumer loan applications while ensuring adherence to Bank Loan Policy, regulatory requirements, and operational standards. This role works closely with loan officers, branch staff, processors, and attorneys to ensure timely and accurate loan processing, closing, and documentation. Additionally, the Home Equity & Consumer Lending Underwriter supports pipeline management and promotes operational excellence across the consumer lending function.

Key Responsibilities:

• Responsible for the underwriting and closing of consumer loan products, including, but not limited to: home equity loans, home equity lines of credit, personal unsecured loans, Mass Save Heat loans, auto loans, passbook loans, etc.
• Evaluate documents such as credit reports, pay stubs, W-2s, income tax returns, bank statements, title commitments, appraisals, and other documents as necessary.
• Make appropriate recommendations for approval, decline, counteroffer, or suspension of applications in accordance with Bank Loan Policy.
• Appraisal review to ensure accurate representation of property value.
• Title rundown/commitment reviews for ownership, defects, or encumbrances. Notify relevant parties of adverse findings and work with the bank’s attorney to resolve issues.
• Completes final compliance review prior to issuing final closing package.

Communication & Coordination

• Responsible for the underwriting and closing of consumer loan products, including, but not limited to: home equity loans, home equity lines of credit, personal unsecured loans, Mass Save Heat loans, auto loans, passbook loans, etc.
• Evaluate documents such as credit reports, pay stubs, W-2s, income tax returns, bank statements, title commitments, appraisals, and other documents as necessary.
• Make appropriate recommendations for approval, decline, counteroffer, or suspension of applications in accordance with Bank Loan Policy.
• Appraisal review to ensure accurate representation of property value.
• Title rundown/commitment reviews for ownership, defects, or encumbrances. Notify relevant parties of adverse findings and work with the bank’s attorney to resolve issues.
• Completes final compliance review prior to issuing final closing package.

Compliance, Documentation & Regulatory Requirements

• Prepare commitment letters and adverse action notices in compliance with all federal/state regulations, TRID, and Loan Policy.
• Quality-check closed packages for accuracy and adherence to federal/state guidelines and bank policy.
• Properly use and maintain the electronic document storage system (Identifi).
• When prompted, conducts initial review of all HMDA reportable loans for annual reporting on the bank’s LAR. Completes HMDA worksheet for review by VP – Retail Lending.

Pipeline & Workflow Management

• Ensure underwriting processes are completed efficiently, accurately, and in alignment with established service-level expectations.
• Identify opportunities to streamline workflows, reduce turnaround times, and improve loan processing efficiencies.
• Maintain high standards of data integrity and documentation accuracy throughout the underwriting, closing, and post-closing processes.
• Adhere to quality control requirements to minimize errors and regulatory risk.
• Support continuous improvement initiatives by recommending process enhancements and participating in system or policy updates.
• Utilize technology tools (e.g., LOS system, Loan Writer, Encompass, and Identifi) effectively to maintain consistency, reduce processing bottlenecks, and ensure smooth operational flow.
• Help ensure compliance with operational, regulatory, and internal audit standards through recordkeeping and adherence to procedure.
• Monitor personal workload to balance efficiency.
• Communicate status effectively in weekly pipeline management meetings with retail lending staff.
• Perform related duties as required.

Leadership & Team Development

• Provide strategic guidance on consumer lending to Banking Center Officers and their teams.
• Mentor branch originators to ensure product knowledge and understanding of workflows.
• Work closely with the VP Retail Lending Officer to streamline processes and improve client experience.
• Embody and reinforce the bank’s core values in all interactions with staff, clients, and external partners.

Qualifications

Education & Experience

• High school diploma or equivalent.
• College coursework in the fields of accounting of finance, or equivalent work experience.
• 2 years of experience in equity and consumer underwriting.
• Sound knowledge of State and Federal banking regulations.
• Sound knowledge of regulatory requirements.
• Thorough understanding of equity and consumer loan products.
• Thorough understanding of the Bank’s Retail Lending products, programs, and fee structures.
• High level of computer literacy, including Microsoft Office programs. Encompass, Loan Riter, Identifi, and Insight experience preferred.
• Must have the ability to analyze and evaluate special circumstances and make appropriate decisions according to operating policies and procedures.
• Proactive, precise, and highly motivated.
• Strong written and verbal skills.